To amend the Truth in Lending Act to create additional requirements for original and new creditors of mortgage loans in the case of a sale, transfer, or assignment of a mortgage loan, and for other purposes.
Mortgage Sale Transparency Act of 2017
This bill amends the Truth in Lending Act to require in the event of a mortgage loan sale, transfer, or assignment to another creditor: (1) notice of the transfer to the borrower from the original creditor, (2) exemption from liability for the borrower in the event of an error in the transfer, and (3) a 90-day grace period for loan payments made by the borrower to the wrong lender.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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